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Apr 22, 2013
04/13
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when amazon.com began to collect sales tax. there was not a rush of customers from amazon to the main street. reason? >> they do not buy online to avoid sales tax, they buy online for lower prices, choices and convenience. the internet is here to stay. and businesses turn to the internet to reach customers. those are the ones that will run head long into the border less world that david talks about. now it's without borders for the tax department. >> address the constitutional portions that it brings up? >> the supreme court said in 1992, a time we were talking about catalogs. that that time, state laws were too complex for everyone. guess what? we are in a different day and age, everyone knows electronic commerce, the internet is here to take. it's robust and what you have now is because congress has not acted you are giving a subsidy to online retailer that is not needed. what we need to do is treat everyone the same. if you have customers in a state with a sales tax, you should collect and remit. >> steve, you got the first
when amazon.com began to collect sales tax. there was not a rush of customers from amazon to the main street. reason? >> they do not buy online to avoid sales tax, they buy online for lower prices, choices and convenience. the internet is here to stay. and businesses turn to the internet to reach customers. those are the ones that will run head long into the border less world that david talks about. now it's without borders for the tax department. >> address the constitutional...
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Mar 16, 2013
03/13
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also snubbed was virginia governor bob mcdonnell, who is raising taxes to pay for a transportation plan in his state. all of which leaves conservatives facing a key question: how to unify behind a central message that moves the republican party forward? veteran republican pollster whit ayres says it will take more than tinkering. >> it is delusional to think that we had the right message and we just haven't communicated it effectively. you don't lose five of the last six presidential elections in the popular vote if you have got the right message. so we need new message, new messengers and a new tone. >> reporter: francesca chambers is editor of the conservative blog "red alert politics." she says the effort must involve more outreach to young people and minorities, but she acknowledges that will take time. >> that is not necessarily going to happen in three months time. i think that it's unfair to say, "oh, the election was in november and we don't see big changes, sweeping changes happening yet." i think that everyone needs some time to make these things happen and we have got four ye
also snubbed was virginia governor bob mcdonnell, who is raising taxes to pay for a transportation plan in his state. all of which leaves conservatives facing a key question: how to unify behind a central message that moves the republican party forward? veteran republican pollster whit ayres says it will take more than tinkering. >> it is delusional to think that we had the right message and we just haven't communicated it effectively. you don't lose five of the last six presidential...
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Jul 22, 2013
07/13
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all your other money is taxed, you only get taxed on the gains. >> thank you. financial adviser with united capital wealth management. >> if your plan is to work longer to avoid outliving your savings, we'll show you how to do it on your terms. >> as long as you're there, we want to hear from you on which stocks would you like our market monitor guests to discuss this friday. go to our website, click on the link, and don't forget to tell us where you're from. >>> that's nightly business report for tonight. thanks for joining us. >> congratulations to will and kate. i'm tyler mathisen, we'll see you back here today. >>> welcome to "newsline." it's tuesday, july 23rd. i'm catherine kobayashi in tokyo. >>> the operator of the damaged fufushima daiichi has admitted that radioactive water has been leaking into the ocean. and a senior
all your other money is taxed, you only get taxed on the gains. >> thank you. financial adviser with united capital wealth management. >> if your plan is to work longer to avoid outliving your savings, we'll show you how to do it on your terms. >> as long as you're there, we want to hear from you on which stocks would you like our market monitor guests to discuss this friday. go to our website, click on the link, and don't forget to tell us where you're from. >>>...
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Feb 24, 2013
02/13
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hundreds of thousands of jobs and our entire economy at risk just to protect a few special interest tax loopholes that benefit only the wealthiest and biggest corporations? >> of sequestration was never meant to be implemented, then why was it implemented? >> the president is the one guy who can step above it and he's just playing politics. >> are we having fun yet? >> there is a sense of sleepwalking as we head toward the first o march and i think republicans are making it a serious political mistake to be on the subject of the issue in underestimating how much of their buying to be blamed for what happens. >> do you think the armageddon scenario is being overplayed? >> it is the biggest since the mayan calendar. it's ridiculous. here we are spending $3 trillion per year from the federal government with an $85 billion cut. it is about 2 cents on the dollar and it is the end of the road and we're so much in debt? if we cannot cut this minuscule amount with the trillion dollar deficits every year, we are headed towards agrees. we're going to make them look healthy. >> they quoted a penta
hundreds of thousands of jobs and our entire economy at risk just to protect a few special interest tax loopholes that benefit only the wealthiest and biggest corporations? >> of sequestration was never meant to be implemented, then why was it implemented? >> the president is the one guy who can step above it and he's just playing politics. >> are we having fun yet? >> there is a sense of sleepwalking as we head toward the first o march and i think republicans are making...
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May 11, 2013
05/13
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middle class tax cuts. do you have a sense that, as your brother said, you deserve a tip of the hat from the president? >> not really, i'm confident that-- you know, historians will eventually sort out the good and the bad of each presidential administration, and this center not only will welcome visitors and help them understand what it's like to make presidential decisions, but it houses 25,000 boxes of papers and millions of e-mails and historians will be here sorting out facts and truths. and so i-- you know, have got this great faith in history. and i'm just not all that concerned about it. >> rose: i know, and you said you will let history decide and you're still writing books about george washington. >> that's right. it's very, very true, though. it's not just a throe away line. it happens to be the truth. >> rose: and there's some benefit of being true. and history changed. harry truman when he left office. >> exactly. >> rose: there's also this. your family and your friends want you to speak out mo
middle class tax cuts. do you have a sense that, as your brother said, you deserve a tip of the hat from the president? >> not really, i'm confident that-- you know, historians will eventually sort out the good and the bad of each presidential administration, and this center not only will welcome visitors and help them understand what it's like to make presidential decisions, but it houses 25,000 boxes of papers and millions of e-mails and historians will be here sorting out facts and...
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Feb 7, 2013
02/13
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potentially valuable ones include the option to deduct state sales taxes instead of income taxes. so, make sure you have the receipts to get those breaks. you also have another way to lock in tax-free retirement income. under the new law you can convert a traditional 401(k) to a roth 401(k) at any time, assuming your company offers both options. you'll have to pay income taxes on the conversion but your withdrawals in retirement will be 100% tax-free, that's a good move if you're worried about taxes rising. the few taxes increases that did makthe t are on the hhest arni household that's for singles earning $400,000 a year and couples earning $450,000 or more. if you're fortunate enough to be in that group, your best move is to lower your taxable income by maxing out tax deferred options like your 401(k) and iras. of course, those are good moves to make in any year. i'm donna rosato. >> tom: that's "nightly business report" for wednesday, february 6. have a great evening everyone, and you too susie. >> susie: goodnight tom, thanks for watching everyone. we'll see you online at: www
potentially valuable ones include the option to deduct state sales taxes instead of income taxes. so, make sure you have the receipts to get those breaks. you also have another way to lock in tax-free retirement income. under the new law you can convert a traditional 401(k) to a roth 401(k) at any time, assuming your company offers both options. you'll have to pay income taxes on the conversion but your withdrawals in retirement will be 100% tax-free, that's a good move if you're worried about...
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Jul 28, 2013
07/13
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are we going to increase the tax on gasoline? the republicans will say absolute know. i will say one criticism of the speech. it was 1 hour 4 minutes long. as muriel humphrey once said to huber, in order for a speech to memorable, it does not have to be eternal. more on anthony weiner. >> it is six to 10. i cannot predict what someone will predict is inappropriate or not. >> what is stunning, they do not realize it, they do not have a clue. wasuesday of this week national hot dog day. anthony weiner found himself once again being questioned about his tendency to send out parts of his anatomy that most would consider to be private. this happened a year after he resigned from congress. nevertheless, he continues his campaign as mayor of new york city. his wife stands by him. how you explain his behavior, charles? >> how do i explain your introduction? that was the most remarkable non sequitur -- actually, it was a sequitur. i like to be analytic about this. compare him to eliot spitzer and former south carolina gov. mark sanford, who are doing well. number one, make sure
are we going to increase the tax on gasoline? the republicans will say absolute know. i will say one criticism of the speech. it was 1 hour 4 minutes long. as muriel humphrey once said to huber, in order for a speech to memorable, it does not have to be eternal. more on anthony weiner. >> it is six to 10. i cannot predict what someone will predict is inappropriate or not. >> what is stunning, they do not realize it, they do not have a clue. wasuesday of this week national hot dog...
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Mar 29, 2013
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the world's largest retailer catering largely to lower-income consumers blamed a delay in tax refunds for its slow february sales start. >> it does put a lot more pressure on march. february is a smaller spending month than march from a u.s. consumer's perspective. so that's something we'll be watchingç closely. >> reporter: while consumer confidence rebounded in february, executives from target, abercrombie and fitch and lowe's are expressing concern about continued consumer uncertainty. though not everyone thinks retailers should worry too much. >> i don't think this is the new normal. obviously, if paychecks are lower, there is going to be some reduction. but i believe over time, if that's the only factor, i think consumers are going to adjust and i think that consumer spending is going to stabilize. >> reporter: but higher payroll taxes aren't the only headwind. the average price for regular unleaded gasoline has increased 40 cents per gallon, or 12% in just three mons. according to barclays analyst bob dirbell, it takes 100 to $110 of consumers' disposable income or as much as
the world's largest retailer catering largely to lower-income consumers blamed a delay in tax refunds for its slow february sales start. >> it does put a lot more pressure on march. february is a smaller spending month than march from a u.s. consumer's perspective. so that's something we'll be watchingç closely. >> reporter: while consumer confidence rebounded in february, executives from target, abercrombie and fitch and lowe's are expressing concern about continued consumer...
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Apr 7, 2013
04/13
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this will not raid liberal democrats and may call for more tax increases, which will make republicans unhappy. something to displease everyone. simpson like in the bowles plan, something to underage everybody, but it is the only way to get to yes. as the negotiation argument goes, everybody has to give up something they really do not want to give up. >> this is like a video we have seen before, negotiations with john boehner. >> it is small ball. as long as you do this nibbling, a typical washington fashion, nothing is going to happen. nothing is going to happen until the president makes it his business to focus exclusively on this and make the case to the nion about why we have to do it, but that is not the way they do it. thatdo it in increments so it can be argued over washington talk shows with the rest of the country not paying attention. >> do not not that. >> i respectfully disagree. i rise in defense of the president. if this is how the budget is reported, it is not just the president saying in the back room, i will do this and that. if this is in the budget that he was of the
this will not raid liberal democrats and may call for more tax increases, which will make republicans unhappy. something to displease everyone. simpson like in the bowles plan, something to underage everybody, but it is the only way to get to yes. as the negotiation argument goes, everybody has to give up something they really do not want to give up. >> this is like a video we have seen before, negotiations with john boehner. >> it is small ball. as long as you do this nibbling, a...
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Jul 18, 2013
07/13
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it costs less to own a home after tax than it does to rent. if anyone bought a home last year, let's say for $100, you put down $20, today that home is worth $112. so you made $12 on a $20 investment, 60% return. >> so, is john paulson right on housing? our next guest, disagrees. he's the economics professor robert shiler who is is the co-founder of the case shiler index. so nice to have you on the program again and really want to get your point of view of why you disagree with john paulson. >> i don't totally disagree. i think that home prices are moving up and they might for someone with a flipping plan whose going to get out, it might be an attractive investment. most people are not in that category. most people think of buy and hold and for the longer run, i don't think housing is a good investment, unless you want the house. >> so you think that in the short-term if i'm going to flip the house, it's a better deal than in the long term if i'm going to stay there and own the house. without wading too deeply into the numbers, explain why. >>
it costs less to own a home after tax than it does to rent. if anyone bought a home last year, let's say for $100, you put down $20, today that home is worth $112. so you made $12 on a $20 investment, 60% return. >> so, is john paulson right on housing? our next guest, disagrees. he's the economics professor robert shiler who is is the co-founder of the case shiler index. so nice to have you on the program again and really want to get your point of view of why you disagree with john...
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Aug 3, 2013
08/13
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i mean, changing the corporate tax rate, our corporate taxes are too high, unrealistic, they're internationally competitive, we should change them. and he wants to take that money produced and shift it to infrastructure and that's also needed and so there are small steps in the right direction, i suppose. but you wouldn't say they're commensurate with the size of the problem. now, we've got decades-long problems of wage stagnations, widening inequality, just gigantic problems and when i look at what the president is proposing and what the republicans are proposing, they're small. and i don't think they're as big. and i dent blame them, by the way. they're in office, they're busy. it's not their job to come up with a gigantic agenda. >> but isn't this a priority? whose job is it? >> well, it is their job. and just -- there's no huge mega silver bullet step. there are a whole set of small things can that can help and so job retraining, money for community colleges, let's start some infrastructure projects, the president proposed all of this and i think you're being too even handed in your "well,
i mean, changing the corporate tax rate, our corporate taxes are too high, unrealistic, they're internationally competitive, we should change them. and he wants to take that money produced and shift it to infrastructure and that's also needed and so there are small steps in the right direction, i suppose. but you wouldn't say they're commensurate with the size of the problem. now, we've got decades-long problems of wage stagnations, widening inequality, just gigantic problems and when i look at...
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Feb 22, 2013
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and cantor keeps saying, "we're not raising taxes, we're just not doing the tax thing." and so, that's basically where they hit a wall. >> narrator: but biden had a bombshell for cantor-- he revealed the secret talks between the president and boehner. >> the biden people say that cantor hid it on his face; he didn't show his surprise, but he was shocked. he had no idea that boehner was negotiating with obama. boehner hadn't told him. >> cantor is upset a says, "look, i get more information out of joe biden than i do my speaker." and he's quite upset. >> it's humiliating. and it bruised him, and i think created a lot of tension between he and speaker boehner. >> narrator: then cantor heard-- for the first time-- boehner was offering the president hundreds of billions in tax revenue. it didn't take long for the information to leak. >> it's a bad idea for speaker boehner to meet alone with president obama... >> tea party nation calling for john boehner to step down... >> the screw-up is the leadership in the house of representatives... >> narrator: many of the new republica
and cantor keeps saying, "we're not raising taxes, we're just not doing the tax thing." and so, that's basically where they hit a wall. >> narrator: but biden had a bombshell for cantor-- he revealed the secret talks between the president and boehner. >> the biden people say that cantor hid it on his face; he didn't show his surprise, but he was shocked. he had no idea that boehner was negotiating with obama. boehner hadn't told him. >> cantor is upset a says,...
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Jul 9, 2013
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and the only way they request do it is to raise property taxes and income taxes, and in the police call atmosphere of america, you can't do that. >> the political class bears its responsibility for the dilemma and distress of these people. the political class refuse to be honest and transparent about the cost of the pensions. so they kept pushing it into the future so you didn't know what has happening. the finger can be pointed at many culprits in this. which is what-- which is why it means a collective response on the part of people who want to again fight for a fair and just america. and i mean a nonviolent fight. you know, i don't believe in violence. but i do believe there has to be a sustained, uprising on the part of -- >> that's about political leadership and having the courage to face the risk that comes in you take strong positions. >> that's right. and we've had very little of that in recent years. >> rose: when you look back, would you have made different decisions in terms of how you might have exercised your own sense of what was best about america and for america? >> oh,
and the only way they request do it is to raise property taxes and income taxes, and in the police call atmosphere of america, you can't do that. >> the political class bears its responsibility for the dilemma and distress of these people. the political class refuse to be honest and transparent about the cost of the pensions. so they kept pushing it into the future so you didn't know what has happening. the finger can be pointed at many culprits in this. which is what-- which is why it...
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Jun 30, 2013
06/13
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legally, prior to this ruling, doma denied federal benefits to state married homosexuals, including tax breaks that are extended to heterosexual couples. because of the 5th amendment to the constitution, quote, no person shall be deprived of life, liberty or property, unquote. if marriage is defined as heterosexual only, that is between a woman and a man, then a homosexual union is unconstitutionally stripped of the rights to cross gender married couples. the majority of opinion said this places same sex couples in of being a marriage. it de means the couple that the constitution protects and humiliates tens of thousands of children now being raised by same-sex couples, unquote. anthony spoke for the descent. side swiping kennedy in the process. to defend traditional marriage is not to condemn, demeanor humiliate those that want other arrangements. to hurl such accusations casually de means the institution. >> question, what is the practical effect of this supreme court ruling? mortimer zuckerman. >> it's going to open up a struggle in so many different states now, 30-odd states that do
legally, prior to this ruling, doma denied federal benefits to state married homosexuals, including tax breaks that are extended to heterosexual couples. because of the 5th amendment to the constitution, quote, no person shall be deprived of life, liberty or property, unquote. if marriage is defined as heterosexual only, that is between a woman and a man, then a homosexual union is unconstitutionally stripped of the rights to cross gender married couples. the majority of opinion said this...
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Jun 21, 2013
06/13
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in los angeles, for example, the citizens voted to tax themselves in the middle of the great recession in 2008 to build a better transit system. they needed a federal loan to start building soon so they could put a lot of people to work on this transit system but the federal program wasn't suited to their needs. so the mayor built a nationwide coalition, mayors of other parties, mayor scott smith who is a republican, and they went to washington and said guys, come on. the transportation program can't be about your convenience. it's got to be about the way we're actually building things. and they've got a change in the law. imagine if metropolitan area kos come together on tons of issues. on health, on education, on science funding and say you're not zfbing us. and that's your job. >> the numbers did a lot. >> absolutely. >> i thought you were going to say they got together and went to china to get the money. >> they tried that first. >> they tried, yes. >> rose: the metropolitan revolution, how cities and metros are fixing our broken politics and fragile economy, bruce katz and jennife
in los angeles, for example, the citizens voted to tax themselves in the middle of the great recession in 2008 to build a better transit system. they needed a federal loan to start building soon so they could put a lot of people to work on this transit system but the federal program wasn't suited to their needs. so the mayor built a nationwide coalition, mayors of other parties, mayor scott smith who is a republican, and they went to washington and said guys, come on. the transportation program...
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Jun 30, 2013
06/13
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if they oppose, they are risking their tax status and ought to shut up.>> let's take a look at the court's ruling on voting rights. >> i'm deeply disappointed with the court's decision in this manner. it sets back voting rights. it has the potential to negatively affect millions of americans across the country. >> we should not be judged by the mississippi of 50 or 60 years ago. >> attorney general holder. alanlican congressman nunnelee. chief justice roberts is history did not end in 1955, the year congress passed the voting rights act. your response. >> that is his view of america. america has used decisions to continue accept his nomination-- find acts of discrimination in the so-called seachange states like alabama. the records show that our continued acts of discrimination that the justice department has blocked because they were able to use section four or five to go in there and block discriminatory steps taken by the state. they talk about as if something wonderful has happened in the last 20 years. the reason something wonderful has happened is because of the voting rights act. th
if they oppose, they are risking their tax status and ought to shut up.>> let's take a look at the court's ruling on voting rights. >> i'm deeply disappointed with the court's decision in this manner. it sets back voting rights. it has the potential to negatively affect millions of americans across the country. >> we should not be judged by the mississippi of 50 or 60 years ago. >> attorney general holder. alanlican congressman nunnelee. chief justice roberts is history...
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May 1, 2013
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fiscal drag from taxes and the sequester intermingle. >> disappointing data on private sector jobs and a partial manufacturing slowdown, adding to concerns ahead of friday's government employment report that april could see a second straight month with a significant slowdown in job growth. for "nightly business report," i'm hampton pearson in washington. >> joining us now, the former fed governor and professor the economics at chicago's booth school of business. welcome. good to have you with us. everybody is saying the key sentence in the fed statement today is where they say they could increase or decrease the pace and size of their asset purchases. do you see it that way? and what does that very careful language suggest to you? >> it is really the only change in statement, both in terms of fiscal and monetary poifl. that was the key change. a lot of discussion of tapering off purchases. that discussion is now gone. two of the last three years, we've had these spring swoons or slumps when the fed started to talk about exit strategy and taking away the punch bowl, we won't hear that a
fiscal drag from taxes and the sequester intermingle. >> disappointing data on private sector jobs and a partial manufacturing slowdown, adding to concerns ahead of friday's government employment report that april could see a second straight month with a significant slowdown in job growth. for "nightly business report," i'm hampton pearson in washington. >> joining us now, the former fed governor and professor the economics at chicago's booth school of business. welcome....
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Mar 10, 2013
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later thea passed away, leaving the bulk of her estate to edie, now 83, which resulted in an estate tax bill of $363,000. even though new york recognized their marriage, edie did not qualify for the marital deduction allowed heterosexual marriages because of the defense of marriage act. a federal appeals court in new york found that also violated the guarantee to equal protection, but went much further. after noting a long history of discrimination against gays and lesbians, the court concluded any law that makes distinctions based on sexual orientation must be subjected to "heightened scrutiny," and the government must present "exceedingly persuasive" proof that the distinctions further "an important government interest." should the u.s. supreme court agree, it would be much more difficult for congress or any city or state to discriminate against gays and lesbians on anything, not just marriage. the justice department ordinarily defends laws passed by congress, even those it doesn't like. but after the new york court's decision, president obama said his justice department would no long
later thea passed away, leaving the bulk of her estate to edie, now 83, which resulted in an estate tax bill of $363,000. even though new york recognized their marriage, edie did not qualify for the marital deduction allowed heterosexual marriages because of the defense of marriage act. a federal appeals court in new york found that also violated the guarantee to equal protection, but went much further. after noting a long history of discrimination against gays and lesbians, the court concluded...
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Feb 14, 2013
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, making sure dividend and capital gains tax are taxed at income tax rates, the carried interest tax rate the president spoke of the other day must be repealed. why should hedge funders and private equity managers be getting a loophole, a kind of benefit, that millions of ordinary working americans don't get? >> woodruff: those are some of the things the president has talked about. what about doing that? >> well, no, i mean, the fact is that there's nothing on earth more mobile than capital and capital income. and the u.s. is a relatively high capital income taoury. we have about the highest corporate tax on earth. i think guiana and the congo have higher rates. other than that, nobody does. so if we try to drive up the amount of revenue we extract from capital the capital flees and there are no jobs in the u.s. so we have to have a more 21st century appreciation for how economies really work. and if we want to create high-paying jobs for people we need to create an environment that's friendly to firms to create jobs. >> the tax burden -- i was going to say, the tax burden on corpora
, making sure dividend and capital gains tax are taxed at income tax rates, the carried interest tax rate the president spoke of the other day must be repealed. why should hedge funders and private equity managers be getting a loophole, a kind of benefit, that millions of ordinary working americans don't get? >> woodruff: those are some of the things the president has talked about. what about doing that? >> well, no, i mean, the fact is that there's nothing on earth more mobile than...
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Mar 7, 2013
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the districts said retailers complained of highe payroll taxes, which went up this year, high gasoline prices and government spending cutbacks. one positive piece of news, residential real estate. according to the beige book it was up in most districts with strengthening home prices and falling inventories. new home construction also increased. labor markets were described as somewhat better, but hiring was restrained, and one fed district blamed the health care law. the richmond fed wrote in the beige book players across the district continue to cite the affordable care act and its unknown impact as reasons for planned layoffs and reluctance to hire more staff. fed officials are likely to read this report and find good reasons to continue their policy of trying to stimulate the economy by keeping interest rates at zero and buying treasuries to try and push down long-term rates. for "nightly business report," steve liesman. >> meanwhile, the top federal reserve policy-maker warned today there's risks associated with the central bank's massive bond-buying program. charles placor, chairm
the districts said retailers complained of highe payroll taxes, which went up this year, high gasoline prices and government spending cutbacks. one positive piece of news, residential real estate. according to the beige book it was up in most districts with strengthening home prices and falling inventories. new home construction also increased. labor markets were described as somewhat better, but hiring was restrained, and one fed district blamed the health care law. the richmond fed wrote in...
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Sep 2, 2013
09/13
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some of the factors the company looked at were local taxes, growth rates and of course, regulatory environment. here is the top ten, san jose, charlotte, indianapolis. san antonio, houston and baltimore came in two through five and the top city is austin, texas and it's interesting that four of the top five are in texas. meanwhile, new york, l.a. and san francisco were all near the bottom. >>> when we come back, we'll introduce you to a man whose making money by making the point. >>> it's been said if you can dream it, you can do it and a pencil and a dream can take you anywhere. well, as brian tells us, one man is really taking this to heart and making it pay off. >> want to do it with a knife? that scars me a little bit. that's good. that's a good sign. >> reporter: sharp whit and pen pencils have been good to david reese. lucrative hobby, part time job run like a business. sound crazy? listen closely, there are methods and a little madness. >> i was a professional cartoonest, which is amazing and i was lucky but once it was my job it couldn't be fun and i stopped liking it and i quit. >> re
some of the factors the company looked at were local taxes, growth rates and of course, regulatory environment. here is the top ten, san jose, charlotte, indianapolis. san antonio, houston and baltimore came in two through five and the top city is austin, texas and it's interesting that four of the top five are in texas. meanwhile, new york, l.a. and san francisco were all near the bottom. >>> when we come back, we'll introduce you to a man whose making money by making the point....
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housing which is positive and may be offsetting in terms of what washington has taken away by tax increases and sequestration it is a small episode. >> let's dig deeper. do you think that the level of profit growth will not justify any real further expansion of the price earnings multiple or what? >> i would say the first part, yes. if you look at profits they are very, very strong and have been for a while but it is a maturing earnings cycle. also in this environment the u.s. economy is growing more like 2% and a lot less like 4 in that environment pricing is going to be challenged and the top line sales is not going to be universal for all firms. it will be balance sheet by balance sheet and case by case. security collection becomes far more important. >> i was going to say as you point out the profit growth picture has been pretty good but we are getting at the mature point in that cycle and the forecast is about 1% or 2% overall growth. there are always ways to make more money than the index tracking would lead you to believe. where do you think the pockets of possible better than avera
housing which is positive and may be offsetting in terms of what washington has taken away by tax increases and sequestration it is a small episode. >> let's dig deeper. do you think that the level of profit growth will not justify any real further expansion of the price earnings multiple or what? >> i would say the first part, yes. if you look at profits they are very, very strong and have been for a while but it is a maturing earnings cycle. also in this environment the u.s....
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the democrats want to increase taxes on the wealthy, while republicans are against it. obama strongly criticized the republicans' unwillingness to compromise. he said it's wrong to make the middle class responsible for deficit reduction while wealthy individuals and corporations contrite nothing. bank of japan governor will step down in march. and market participants are waiting to see who will succeed him. prime minister shinzo abe is finalizing his nomination, while opposition party leaders are already skeptical about his recommendation. abe will submit his candidate to the diet next week. he's indicated the next governor should be willing to take bold monetary measures. but he also told the upper house budget committee he'll pick someone who can get opposition parties on side. he could lods the trust of financial markets if the opposition-controlled upper house rejects his choice. members of the opposing democratic party have called for maintaining the central bank's independence in creating monetary policy. yoshimi watanabe the leader of another opposition group, yo
the democrats want to increase taxes on the wealthy, while republicans are against it. obama strongly criticized the republicans' unwillingness to compromise. he said it's wrong to make the middle class responsible for deficit reduction while wealthy individuals and corporations contrite nothing. bank of japan governor will step down in march. and market participants are waiting to see who will succeed him. prime minister shinzo abe is finalizing his nomination, while opposition party leaders...
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we got a hot-air balloon, put a banner on the side of it that said, "cap-and-trade means higher taxes, lost jobs, less freedom." and we went all over the country doing events and stirring up grassroots anger and frustration, concern. >> cap-and-trade will slow the economy and cost american jobs. >> hockenberry: americans for prosperity's well-financed campaign was an aggressive one. ads that went after cap-and- trade policy... >> america can't afford the cap-and-trade tax. >> hockenberry: and said the science was a hoax. >> congress should stop wasting our money and focus on real problems. >> isn't it time congress listened to the rest of us? >> hockenberry: in the tea party's anti-tax, anti-big government message, you could now hear the skeptic mantra, attacking climate science and cap-and-trade. >> cap-and-trade and taxing americans... >> hockenberry: at some tea party events, global warming skeptics were a big draw. >> gives me great pleasure to welcome lord monckton! (audience cheering) >> hockenberry: introduced like a professional wrestler, christopher monckton is a former briti
we got a hot-air balloon, put a banner on the side of it that said, "cap-and-trade means higher taxes, lost jobs, less freedom." and we went all over the country doing events and stirring up grassroots anger and frustration, concern. >> cap-and-trade will slow the economy and cost american jobs. >> hockenberry: americans for prosperity's well-financed campaign was an aggressive one. ads that went after cap-and- trade policy... >> america can't afford the...
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if her spouse was a man, the money would have gone tax free to her. but instead because she was married to a woman she had to pay $363,000 in taxes because the i.r.s. doesn't recognize their marriage. what is the justification far? i think that's a very tough case to defend at this point. i think doma is doomed. i think the only reason is just pure animus, dislike of gay people and i don't think anthony kennedy will sit still for that and i think there are five votes -- forget the whole federalism issue, it's a straight up equal protection argument that you can't discriminate against people like that. >> but if it is, why can the state do that by not recognizing the marriage in the first place? i'm for that but if you take seriously that equality argument jeff, that if she were married to a man she'd get the benefits but not if she was married to a woman, the deep logic argument is same-sex marriage everywhere, i'm for that. but i don't know if justice kennedy is yet. >> but you could write that opinion to limit it just to doma. you're a law professor
if her spouse was a man, the money would have gone tax free to her. but instead because she was married to a woman she had to pay $363,000 in taxes because the i.r.s. doesn't recognize their marriage. what is the justification far? i think that's a very tough case to defend at this point. i think doma is doomed. i think the only reason is just pure animus, dislike of gay people and i don't think anthony kennedy will sit still for that and i think there are five votes -- forget the whole...
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we're going to be talking about tax avoidance issues which could have ramifications for companies such as amazon and google. those companies say we are abiding by the laws of those countries. elsewhere the whole syrian issue overriding a lot of talks. there's a big dispute between president putin of russia and the rest of the g8 nations about what to do. president obama said to me earlier today, the talks had been excellent between himself and russia. there appears to be an opinion about how to resolve this crisis. for nightly business report, i'm steve sedgwick. >> in another bit of international diplomacy. the european union is likely to approve the plan without any conditions. the $10 billion deal would combine the owner of the new york stock exchange with the ice, the atlanta based company that not only regulates stock exchanges and trading platforms, but has a few of them, plus stock clearinghouses. >>> a nervous day in the oil markets today. due to rising tensions in the middle east. crude topped a nine month high before ending the day flat. traders are concerned that the worseni
we're going to be talking about tax avoidance issues which could have ramifications for companies such as amazon and google. those companies say we are abiding by the laws of those countries. elsewhere the whole syrian issue overriding a lot of talks. there's a big dispute between president putin of russia and the rest of the g8 nations about what to do. president obama said to me earlier today, the talks had been excellent between himself and russia. there appears to be an opinion about how to...
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i think they will and i think many of them will get tax credits. >>brown: jonathan gruber and avik roy thank you very much. >> woodruff: you can watch all of president obama's remarks and speaker boehner's on our "newshour" you-tube channel. and still to come on the "newshour": contaminated school lunches in india; a jail sentence for an opposition leader in russia; a debate over teaching in english or spanish and a birthday celebration for nelson mandela. but first, the other news of the day. here's kwame holman. >> holman: detroit declared bankruptcy today, the largest american city ever to do so. the city's state-appointed emergency manager made the filing with a federal judge. it would let him liquidate assets in a bid to pay off creditors and city pensioners. those parties have rejected a fiscal restructuring plan that would have paid them pennies on the dollar. a new, bi-partisan has deal surfaced in the senate, on student loans. it's the latest attempt to rescind a doubling of interest rates on federally subsidized stafford loans. the compro
i think they will and i think many of them will get tax credits. >>brown: jonathan gruber and avik roy thank you very much. >> woodruff: you can watch all of president obama's remarks and speaker boehner's on our "newshour" you-tube channel. and still to come on the "newshour": contaminated school lunches in india; a jail sentence for an opposition leader in russia; a debate over teaching in english or spanish and a birthday celebration for nelson mandela. but...
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i believe we had those tax increases in the midnight tax increases that happened just a few weeks ago but we can work through these problems if we stay focused on what matters as real people and not talking points. >> woodruff: i want to ask all four of you how comfortable you would be. congressman castro, i'll start with you. very quickly, voting against your own -- the majity in your own party. do you feel comfortable taking a stand on your own. congressman kas slow in >> sure. i think given the right issue i think both leader pelosi and whip hoyer understand that at base you've got to represent your own district. sure. >> woodruff: congresswoman sinema, what about you? >> well, you know, my record-- although i've only been here for a few weeks-- already shows that's the kind of person i am and that's how i was when i served in the state legislature. i've already crossed party lines to vote in a bipartisan way on several occasions in the few weeks i've been here. >> woodruff: congressman collins wh abot yo do you feel comfortable voting in another direction from what where the major
i believe we had those tax increases in the midnight tax increases that happened just a few weeks ago but we can work through these problems if we stay focused on what matters as real people and not talking points. >> woodruff: i want to ask all four of you how comfortable you would be. congressman castro, i'll start with you. very quickly, voting against your own -- the majity in your own party. do you feel comfortable taking a stand on your own. congressman kas slow in >> sure. i...
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the payroll tax going away, the sequester that's really going to start hitting in april. therefore the second quarter. so earnings in the short term might seem weak, but we do believe over the next couple years, the earnings story could be strong, especially when you look at the economy and the fundamental story what's happening with housing and slowly what's happening to jobs. >> so where should i put my money, andress? if i want to be a broadly diversified global investor, what percentage of it right now of my equity holdings should be in the u.s. market and what percentage in foreign markets, what percentage in emerging markets? >> so first off, we are overweight in the u.s. equity markets over, for instance, other developed economies like europe. i think a lot of the headline risk is going to actually send a lot of dollars back into the united states. and fundamentally, the u.s. economic story is improving. but just a comment on emerging markets. you hit on something that i think is important. i think most investors globally are structurally underweight emerging marke
the payroll tax going away, the sequester that's really going to start hitting in april. therefore the second quarter. so earnings in the short term might seem weak, but we do believe over the next couple years, the earnings story could be strong, especially when you look at the economy and the fundamental story what's happening with housing and slowly what's happening to jobs. >> so where should i put my money, andress? if i want to be a broadly diversified global investor, what...
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the latest: last week the indiana supreme court upheld a 2011 state law allowing tax funds to be used for private schools through tuition vouchers. we turn again to hari for that story. >> sreenivasan: ahead of last week, the republican vernor rallied students and parents at the state legislature in indianapolis in support of the voucher program. in 2011 education correspondent visited indiana soon after the law passed and found passions still strong on both sides. then state superintendent tony bennett was the driving force behind the republican-led choice movement. >> what this has done, it has allowed and the statistics are bearing it, it is allowing families the opportunity to pursue prosperity for their chiren. >> sreenivasan: democratic state representative ed delaney said he preferred high-quality public schools over choice. >> this is not a scientific experiment. it's an attempt in my view to just push down public education. >> sreenivasan: indiana is one of more than 15 states that allows public funds to be used for private education. there are several types of choice program
the latest: last week the indiana supreme court upheld a 2011 state law allowing tax funds to be used for private schools through tuition vouchers. we turn again to hari for that story. >> sreenivasan: ahead of last week, the republican vernor rallied students and parents at the state legislature in indianapolis in support of the voucher program. in 2011 education correspondent visited indiana soon after the law passed and found passions still strong on both sides. then state...
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about jobs, a conference about growth, but there were limited economic gains, including agreement on tax, trade and longer term infrastructure projects. there was also markets concerned about volatility in the economy because of fed tapering concerns. well, there was a statement which actually said monetary policy should be carefully calibrated and communicated throughout the entire world as well. just indicating that there was concern about that tapering policy. this is steve sedgwick for "nightly business report." >>> back to wall street, stocks eventually recovered as investors chose to focus on whether the jobs report meant the federal reserve would push back the start of its bond buying program. as a result, the dow wiped out a nearly 150 point loss. in the end, the dow lost only 15 points on the day, but finished higher for the week. the nasdaq rose by a point and the s & p managed to eke out a tiny fractional gain. the concerns over syria sent oil soaring more than $2 a barrel, settling at the highest price since may of 2011, $110.53. >>> and the u.s. bond market rallied with yiel
about jobs, a conference about growth, but there were limited economic gains, including agreement on tax, trade and longer term infrastructure projects. there was also markets concerned about volatility in the economy because of fed tapering concerns. well, there was a statement which actually said monetary policy should be carefully calibrated and communicated throughout the entire world as well. just indicating that there was concern about that tapering policy. this is steve sedgwick for...
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service. 70%-plus of americans consistently say the postal service, who takes no money now-- we get no tax money-- shouldn't get a tax bailout and should live within their means, meaning if twee need to eliminate delivery on saturday we do. now, our proposal is to eliminate delivery of mail but to continue to deliver packages, which includes medicine for the elderly and handicapped and the rural areas. and that's what our customers have told us. last year we made some changes. post offices. we talked about having to close small, nonprofitable postal offices. we spent a lot of time in the eld and herdack from crust mers. they said we don't care if you shrink the opening, just keep the it open. here's the problem we're facing, jeff reerk no matter what anybody thinks on this-- people pay bills online. in the year 2003, we delivered 51 billion-- with a "b--" pieces of stamped mail out of the mailbox. this year it will be 21 billion. 30 billion pieces in less than 10 years at 46 centsapiece say differential in that group of $14 billion. nobody is stepping up saying i'll take a pay cut that mak
service. 70%-plus of americans consistently say the postal service, who takes no money now-- we get no tax money-- shouldn't get a tax bailout and should live within their means, meaning if twee need to eliminate delivery on saturday we do. now, our proposal is to eliminate delivery of mail but to continue to deliver packages, which includes medicine for the elderly and handicapped and the rural areas. and that's what our customers have told us. last year we made some changes. post offices. we...
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senate moved to let states charge sales tax for purchases made online. the measure faces uncertain prospects in the house. >> brown: online, how a young detroiter is tackling a serious issue in her city and beyond. hari sreenivasan tells us more. >> sreenivasan: armed with only a few sewing machines, 23-year- old veronika scott set out to help the homeless in her community. today, her business employs 10 formerly homeless women who make coats that also double as a sleeping bag. read more about her in our social entrepreneurship series. and for a primer on tomorrow's special house election in south carolina, political editor christina bellantoni chatted with jon ward of the huffington post. watch that conversation in the rundown. all that and more is on our web site, newshour.pbs.org. reporting tell us how watergate impacted your life or changed the way you saw government or the media. call our oral history hot line at 202-599-4pbs or go to our home page for details on how to leave your message. all that and more is on our web site, newshour.pbs.org. ray?
senate moved to let states charge sales tax for purchases made online. the measure faces uncertain prospects in the house. >> brown: online, how a young detroiter is tackling a serious issue in her city and beyond. hari sreenivasan tells us more. >> sreenivasan: armed with only a few sewing machines, 23-year- old veronika scott set out to help the homeless in her community. today, her business employs 10 formerly homeless women who make coats that also double as a sleeping bag. read...
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number one it raised taxes by $620 billion. that's going to kill jobs. it's going to hurt small businesses. he's going to hurt every american. but number two, it combined those tax increases not with spending cuts, which is what president obama campaigned on every day, but instead with spending increases. $330 billion in additional new spending. that just made the problem worse. it wasn't a serious response to the grave fiscal and economic problems facing this country. >> woodruff: i remember reading your father said that you weren't coming to washington to compromise. are you saying compromise is a bad thing in our system of government? >> well, no, not at all. in fact my view on compromise is exactly ronald reagan's view. president reagan said what do you do if they offer you half a loaf? answer, you take it. then you come back for more. i am very, very happy to compromise, to work with anybody, democrat, independent, libertarians. i've joked i'll work with martians, if they're willing to cut spending, to tackle the debt, to have fundamental tax reform
number one it raised taxes by $620 billion. that's going to kill jobs. it's going to hurt small businesses. he's going to hurt every american. but number two, it combined those tax increases not with spending cuts, which is what president obama campaigned on every day, but instead with spending increases. $330 billion in additional new spending. that just made the problem worse. it wasn't a serious response to the grave fiscal and economic problems facing this country. >> woodruff: i...
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he wants to raise taxes. he doesn't think there's any spending problem. he doesn't think -- >> rose: last time i looked they were talking about not raising taxes after the original agreement but reducing deductions. reding, whater yocall it. the man likes government, he wants more government and he has -- he simply doesn't share the view that people who think like i do have with respect to how the private sector ought to work, what the role of government is in this society and what the role of the united states is in the world. >> rose: someone said to me about your relationship with president bush 43, cordial? >> yes. >> rose: friendly? >> yes. >> rose: but distant. >> well, it's not a -- it was most lay pressional relationship is the way i would describe it. i didn't play golf, he played golf. and so, you know, we still talk frequently on the telephone. >> rose: it's also said that he felt at one point -- i think he said this in ten decisions, he felt misled at one point. there is a conception-- and i'm asking this-- that in the second term you were les
he wants to raise taxes. he doesn't think there's any spending problem. he doesn't think -- >> rose: last time i looked they were talking about not raising taxes after the original agreement but reducing deductions. reding, whater yocall it. the man likes government, he wants more government and he has -- he simply doesn't share the view that people who think like i do have with respect to how the private sector ought to work, what the role of government is in this society and what the...
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our cable bills go up, our taxes go up, to subsidize these kinds of ventures. and every single economic study shows that they don't work. so what these stadiums -- >> you mean they don't produce the revenue. >> no, it's more like a neo-liberal trojan horse. where people end up agreeing to things that they would never otherwise agree to, because it becomes wrapped in sports. and the idea, or maybe a fear that the team will move. or maybe excitement at the thought of a new building. yet we all pay a very serious price for this. i went to college in minnesota, i remember going to see the twins at the hubert h. humphrey metrodome. and it was not a good stadium. billy martin once famously walked in and said, how could hubert humphrey's parents name him after this dump? so it was a pretty awful stadium. and so, and i'm all for them having a new stadium, except the new stadium was built entirely with public money, even though it had been rejected a dozen times by the voters in various referendum. but the owner, carl pohlad, who's the richest owner in major league spor
our cable bills go up, our taxes go up, to subsidize these kinds of ventures. and every single economic study shows that they don't work. so what these stadiums -- >> you mean they don't produce the revenue. >> no, it's more like a neo-liberal trojan horse. where people end up agreeing to things that they would never otherwise agree to, because it becomes wrapped in sports. and the idea, or maybe a fear that the team will move. or maybe excitement at the thought of a new building....
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new tax revenues. >> brown: that's right. but he's implicitly or even explicitly making a case for one you don't want, that it should be part of the discussion. >> no, i think he is and i think that he's doing so in such a way with this benefit enhancement, this bump upthat tries tooff set it. he himself in his commentary said "this isn't exactly the way i'd like to go." but we have to move forward and we have to be concerned and maybe max and i depart a bit on this point. while i take your point on social security, when it comes to achieving a sustainable budget picture in the long run, that has to involve slowing the growth of health costs. and there the president also has significant cuts in the budget about $400 billion from medicare and medicaid, largely from medicare, largely on the delivery side. a point that we haven't made yet-- and this gets to some things max has said-- the typical beneficiary of medicare and social security has an income of about $25,000. so when we start fooling around with these kinds ofdjustmts
new tax revenues. >> brown: that's right. but he's implicitly or even explicitly making a case for one you don't want, that it should be part of the discussion. >> no, i think he is and i think that he's doing so in such a way with this benefit enhancement, this bump upthat tries tooff set it. he himself in his commentary said "this isn't exactly the way i'd like to go." but we have to move forward and we have to be concerned and maybe max and i depart a bit on this point....
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why would a governor from florida say to his citizens "we're going to spend tax money, we're going to send it to washington and that money that goes to washington should go to california and new york and ohio to help their folks get health care coverage but we're not going to do it in florida." >> woodruff: in fact, that's the argument the other republican governors have made. >> absolutely. let's get back to who benefits from this. you were touching on that a minute ago. i think you used the term meager, the benefits are not huge in florida. just -- to put in the just a few words, how much benefit does this mean for people -- low income individuals? >> this is going to be a lifeline. all together in terms of people eligible for coverage as a result of this expansion it's 1.8 million people. now, quite a few less might get it because they may not know about it. they have to get enrolled but this means these folks who are newly eligible for coverage for the first time can get good coverage and well in able to afford it. so this is a big deal. >> woodruff: paul howard, how do you see th
why would a governor from florida say to his citizens "we're going to spend tax money, we're going to send it to washington and that money that goes to washington should go to california and new york and ohio to help their folks get health care coverage but we're not going to do it in florida." >> woodruff: in fact, that's the argument the other republican governors have made. >> absolutely. let's get back to who benefits from this. you were touching on that a minute ago....
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division overseeing tax-exempt groups said today the practice was wrong. she said no high-level i.r.s. officials knew it was happening at the time. the creator of the world's first fully functioning 3-d printable handgun has removed the blueprints from its website. federal authorities ordered the action. they say defense distributed may have violated export control laws by posting the design files for its liberator gun online. the organization sa by the time the blueprints were taken down, they had already been downloaded more than 100,000 times. the new skyscraper at ground zero in new york now stands at its full height. applause erupted as construction workers hoisted the final portion of a 408 foot silver spire to the top of one world trade center. it tops out the building a total of 1,776 feet. the new structure will be the tallest in the u.s. and the third tallest in the world. wall street finished today with it's being built at the northwest corner of where the twin towers stood before the 9/11 attacks. wall street finished today with its third strai
division overseeing tax-exempt groups said today the practice was wrong. she said no high-level i.r.s. officials knew it was happening at the time. the creator of the world's first fully functioning 3-d printable handgun has removed the blueprints from its website. federal authorities ordered the action. they say defense distributed may have violated export control laws by posting the design files for its liberator gun online. the organization sa by the time the blueprints were taken down, they...
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the latest: last week the indiana supreme court upheld a 2011 state law allowing tax funds to be used for private schools through tuition vouchers. we turn again to hari for that story. >> sreenivasan: ahead of last week, the republican governor rallied students and parents at the state legislature in indianapolis in support of the voucher program. tt scoresucation correspondent did better. you know why? because the competition really does matter. i mean, no school district is ever refefefefefefefefefefefefem within. they never have. they never will. the best form of change, the best way to get to where dennis and i both want these kids and these families to get to is through external pressure. and the best form of external pressure is is through educational choice. look, this is not an either/or zero sum gain. i'm not saying that all kids need to avail themselves or all families need to avail themselves of scholarships or vouchers. what i'm saying is through tax credits, through scholarships and vouchers, charter schools, home schools, traditional public schools we need to put all op
the latest: last week the indiana supreme court upheld a 2011 state law allowing tax funds to be used for private schools through tuition vouchers. we turn again to hari for that story. >> sreenivasan: ahead of last week, the republican governor rallied students and parents at the state legislature in indianapolis in support of the voucher program. tt scoresucation correspondent did better. you know why? because the competition really does matter. i mean, no school district is ever...
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tax bill. her spouse left her, edith, her estate. she prevailed in the lower courts. they found that section 3 of doma was unconstitutional and the case came to the supreme court with a problem, just as the other case from california came to the court with a problem. in the doma case, by the time the case got to the supreme court, the united states had stopped defending doma. so the first hurdle the court faced was whether it actually had a case or controversy before it since the united states agreed we dith windsor that doma was unconstitutional. justice kennedy today found there still was a stake for the federal government in this case. the i.r.s.' tax bill. so he was able to reach the merits of the question that edith windsor had initially raised about doma's constitutionality. >> ifill: as ray said, proposition 8 was mostly about the that they didn't have the standing to even bring this case to where it ended up being so they kicked it back down for the courts in california to decide. >> ri
tax bill. her spouse left her, edith, her estate. she prevailed in the lower courts. they found that section 3 of doma was unconstitutional and the case came to the supreme court with a problem, just as the other case from california came to the court with a problem. in the doma case, by the time the case got to the supreme court, the united states had stopped defending doma. so the first hurdle the court faced was whether it actually had a case or controversy before it since the united states...
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Jul 23, 2013
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. >> they don't sell cars, they collect tax revenues so it is a different kind of financial problem, it is a different kind of mismanagement, but the fundamental idea that you are bankrupt, you are insolvent and don't have enough money to pay your bills, you have overwhelming liabilities, those are similar factors. >> and a chapter 11 versus chapter 9, i think. >> technical matter you file under different parts of the bankruptcy code, chapter 9 from municipalities chapter 11 for companies. >> rose: and the biggest debt is for healthcare and pensions? >> so that is one of the differences here from the auto companies, the auto companies had some pension issues, they had some healthcare issues, but their biggest issue is just plain old a fashioned debt, detroit's biggest issue more than half of that $18 billion is just a little more than half of that $18 billion is healthcare for retirees for future retirees and then a shortfall in the pension fund and that is a very different kind of problem and that makes detroit in many ways a much tougher problem because you can't haircut, there are
. >> they don't sell cars, they collect tax revenues so it is a different kind of financial problem, it is a different kind of mismanagement, but the fundamental idea that you are bankrupt, you are insolvent and don't have enough money to pay your bills, you have overwhelming liabilities, those are similar factors. >> and a chapter 11 versus chapter 9, i think. >> technical matter you file under different parts of the bankruptcy code, chapter 9 from municipalities chapter 11...